Asurion, LLC entered into a non-binding letter of intent to acquire Certain Assets of Enjoy Technology, Inc. on July 3, 2022. Asurion, LLC entered into an Asset Purchase Agreement to acquire Certain Assets of Enjoy Technology, Inc. for $110 million on July 25, 2022. The Purchase Agreement provides for aggregate consideration in the amount of up to $110,000,000 subject to various deductions including a $23,800,000 holdback amount. The Holdback is comprised of (i) deferred revenue, (ii) customer chargebacks, (iii) post-closing residuals and (iv) inventory losses, and such amount earned, if any, will be released to the company within eight months following closing of the transaction. Asurion is entitled to a 3% break-up fee. The deal is subject to approval of bankruptcy court and regulations under the HSR Act. The transaction is expected to close on or before August 14, 2022, when the Bankruptcy Court shall have entered the Sale Order. The sale was approved by the Bankruptcy Court on August 12, 2022. Cooley LLP acted as legal advisor to Enjoy Technology, Inc. and Bass, Berry & Sims PLC acted as legal advisor to Asurion, LLC. Evercore L.P. acted as financial advisor to Asurion, LLC.

Asurion, LLC completed the acquisition of Certain Assets of Enjoy Technology, Inc. on August 31, 2022.